Oil and gas companies continue to boast substantial profits while reaping billions in taxpayer-backed subsidies. As of February 1^st, four top oil and gas companies have released their 2012 fourth quarter profits, signaling another lucrative year for the industry. Below is a quick summary of the results.

ExxonMobil (the world’s most valuable company and largest energy company) hauled in more than $9 billion in the fourth quarter, increasing 2012 profits to nearly $45 billion—a 9% increase from 2011. Chevron raked in more than $7 billion in the fourth quarter, resulting in a 2012 profit of $26 billion. Shell recorded a fourth quarter profit of nearly $7 billion, resulting in a more than $26 billion profit for 2012. And finally ConocoPhillips earned a fourth quarter profit of $1.4 billion. BP is expected to post its 2012 fourth quarter earnings later this month.

With a national debt of more than $16.4 trillion and $1 trillion deficits, Congress should stop handing out wasteful, unnecessary, and market distorting subsidies to massively profitable oil and gas companies and ensure the industry pays its fair share. Look for our updated analysis on Big Oil, Big Profits in the coming weeks.